- Employers, Management advice
Diversity and inclusion are terms that are heard a lot in recruitment at the moment, and we’re so glad! When you create a diverse team or organisation made up of people from different walks of life, they bring different ways of thinking and problem solving. When you create an environment with different voices, opinions, backgrounds and perspectives, you can better understand the needs of your customers or audience base – as they are no doubt equally diverse!
Having diversity and inclusion at the heart of your team and your company ethos is also better for morale and can reduce staff turnover. According to Diversity in Tech, unfair treatment due to discrimination of race, gender, sexuality or socio-economic background in the workplace is the largest driver of turnover in the tech industry. It can cost companies up to £4 billion per year, so it’s official, tech leaders need to focus on maintaining diversity in the workplace and promoting the benefits of it too!
There are also numerous holistic benefits to fostering diversity and inclusion at the heart of your organisation!
Benefits of diversity and inclusion in the workplace
Increasing diversity and inclusion in the workplace brings with it a whole host of benefits ranging from the financial through to the holistic. Some of these benefits include:
- A greater range of skills, experiences and perspectives
This can be beneficial when planning and executing business strategy, helping you to identify unforeseen pitfalls and opportunities to take advantage of changing markets. Companies with more diverse teams make better decisions 87% of the time according to Cloverpop.
- Greater innovation and creativity
Fresh eyes coupled with multiple worldviews will lead to more collaboration in your teams. You will be able to see unexpected gaps in the marketplace and develop products that challenge and disrupt existing expectations of how the world works.
According to Josh Bersin, diverse companies have been found to be 1.7 times more likely to be leaders in innovation.
- Gain access to a wider recruitment pool and attract top talent.
Candidates are increasingly looking for companies with stronger track records on inclusivity and diversity. PwC notes that 83% of female millennials actively seek out companies with strong records on inclusivity and diversity. If you are seen to be diverse, talent will flock to you. Not to mention that you never know where your next rising star will come from.
- Higher employee engagement, greater productivity & reduced turnover.
Employees are happier, feel more included and more empowered which leads to higher retention rates. Deloitte’s research found that companies with more diverse teams have a 22% lower turnover than those without. Teams with lower turnover work better together and more productively.
- Increased profits, lower costs & better reputation with customers and potential employees.
Diverse companies are more likely to be top financial earners as a diverse workplace makes it easier for many different people to relate to your business, opening doors to new markets and new revenue streams.
How to promote diversity and inclusion in the workplace
It is clear that the benefits of diversity and inclusion can launch any organisation into a better standing with its target audience and create an environment of dynamic productivity. But how do you implement diversity and inclusion within your existing teams and processes?
We’ve scoped out a couple of tips to help you create a diverse workplace and a culture of acceptance and collaboration.
Build awareness of unconscious bias and develop a training programme which focuses on internal biases and fosters respect, humility and the idea that the process of cultural learning is a lifelong one amongst employees and management.
Change comes from above
Work toward diverse executive and management teams to signal broader change within the wider workforce. It’s easy for people to get comfortable within their team, particularly if they are made up of people with similar backgrounds and outlooks. Comfortability breeds complacency so don’t be afraid to mix up existing teams or ask for an outside perspective when viewpoints are homogeneous.
Make workspaces inclusive
Accessible, gender friendly restrooms; nursing rooms; and prayer spaces should be made available. If you have teams working across different countries, think about the languages used in corporate communications and the possibility of translation or offering opportunities for employees to learn other languages. Technology can be leveraged to make spaces more inclusive in a world that is becoming increasingly connected, empowering people of all backgrounds, races, genders and ages.
Offer more flexible working solutions
The ability to work from home can help many different groups remain in the workforce and can increase productivity. Staggering start and end times can enable those with outside commitments flexibility in their working times and can be beneficial if you have teams in different time zones.
Acknowledge a variety of religious and cultural practices
Offering flexible rather than fixed holidays accommodate all employees’ needs. Consider the timing of bonuses and rewards. Ensure catering for meetings, events and celebrations takes into account dietary requirements, allergens and religious restrictions.
How can we help?
Do you ever wish you had a recruitment specialist who cares as much about your business as you do?
At Formula, we get to know you, your organisation and what you’re trying to achieve in the long-term to make sure we get you there! We source high-quality, diverse talent with a view to your current needs, and your long-term strategy.